AMCON Distributing Company delivered a revenue uptick in Q4 2024, with reported revenue of $746.29 million, up 7.76% YoY and 3.96% QoQ, supported by ongoing wholesale distribution activities across its Central Rocky Mountain and MidSouth markets. Gross profit stood at $48.78 million, yielding a gross margin of 6.54%, while operating income was modest at $5.19 million (~0.70% margin). Net income was reported at $1.24 million for the quarter, but EPS figures appear inconsistent with the level of net income in the data, creating a data integrity caveat that should be resolved with the published 10-Q. EBITDA was $7.55 million (roughly 1.01% EBITDA margin). The company generated robust operating cash flow of approximately $41.0 million and free cash flow of about $37.36 million in the quarter, underscoring meaningful cash generation despite relatively thin margins.
From a balance-sheet perspective, AMCON maintained solid liquidity with a current ratio of 2.46 and a quick ratio of 0.91, though cash on hand remained modest at $0.673 million versus total debt of $168.84 million. Net debt stood at approximately $168.17 million, yielding a debt/EBITDA style lens that remains elevated for a business of this size. The company reported a healthy cash flow conversion in Q4 and a positive change in working capital, reflecting working-capital-driven liquidity that supports ongoing operations. The revenue growth and cash-generation profile support a constructive near-term outlook, but profitability hinges on margin stabilization and cost discipline.
Looking ahead, management did not provide explicit quarterly revenue or margin guidance in the data provided. Investors should monitor (1) margin stabilization and SG&A efficiency, (2) working-capital optimization and capex intensity, and (3) strategic initiatives in the Wholesale Distribution and Retail Health Food segments, including any potential private-label or store-network expansion opportunities. Given AMCON’s asset-light cash generation profile relative to its debt burden, the stock could merit a closer look if operating leverage improves and free cash flow can be used to reduce indebtedness over the next 12–18 months.